24 Jan 2025

The Mysuru City Corporation's (MCC) recently launched e-khata drive has significantly boosted revenue, with December collections rising by INR 1.7 crore compared to November, reaching INR 9.3 crore. The initiative required property owners to clear five years of pending property tax and water cess dues to obtain digitally processed khatas. Over 2,500 property owners settled arrears, addressing key revenue streams. MCC officials attributed the success to effective public awareness efforts and the scheme's structure, which motivated compliance. The drive showcases how innovative approaches and community engagement can enhance municipal governance and financial health, setting an example for similar initiatives elsewhere.Read more

24 Jan 2025

In 2024, foreign investors accounted for 54% of institutional investments in India, totaling USD 3.7 billion-despite a decline from 65% in 2023. Total institutional investments rose 61% to USD 6.8 billion, driven by a 203% surge in industrial and warehousing sectors amid booming e-commerce demand. Commercial real estate retained the largest share at 35%, though down from 61% in 2023. The residential sector saw a 171% growth, reaching USD 2.0 billion. Experts anticipate challenges in 2025 but expect potential RBI rate cuts and government incentives to sustain momentum, particularly in affordable housing.Read more

24 Jan 2025

In 2024, India's land acquisition market demonstrated resilience, with 133 deals totaling 2,948 acres, according to ANAROCK data. NCR led with 38 deals covering 417 acres, while MMR recorded the highest land volume, transacting 607 acres across 30 deals. Residential projects dominated, accounting for 95 deals, driven by rising urban migration and government incentives. Industrial and logistics parks saw 97 acres acquired in response to e-commerce growth, while mixed-use developments covered 124 acres. Commercial spaces and data centers secured 175 acres, reflecting increasing demand for office and digital infrastructure. Despite rising land prices, developers remain focused on strategic acquisitions to meet evolving urban needs.Read more

24 Jan 2025

The Nagpur Municipal Corporation (NMC) is grappling with a massive property tax arrears issue, with state government departments emerging as some of the largest defaulters. According to data from NMC's property tax department, the total outstanding property tax has reached a staggering INR 850.1 crore as of December 31, 2024. Government departments alone owe INR 83.74 crore in arrears, with an additional INR 10.06 crore for the current financial year, taking their total liability to INR 93.81 crore.Read more

23 Jan 2025

CBRE Group has made a significant move by acquiring the remaining 60% stake in Industrious National Management Company, a flexible workspace provider, for USD 400 million. This acquisition will lead to the creation of a new business unit called Building Operations & Experience, aimed at integrating building operations, workplace experience, and property management. The unit will be led by Jamie Hodari, CEO and co-founder of Industrious. This strategic decision comes as the U.S. office property market shows signs of recovery after the severe impact of the COVID-19 pandemic and the shift to remote work. With this acquisition, CBRE's total investment in Industrious is now valued at approximately USD 800 million, including debt.Read more

23 Jan 2025

The Indore Development Authority (IDA) has listed 31 properties for auction through online bidding, targeting revenue of more than INR 1,000 crore. These properties, spread across seven locations, include residential, commercial, semi-commercial plots, and specific allocations like petrol pump land and industrial spaces. IDA CEO RP Ahirwar highlighted that the properties, valued at INR 978 crore, are expected to attract bids ranging from 10% to 50% above the base price. Known for their legal clarity and modern amenities, the properties are anticipated to appeal to investors. Revenue from the sales will support major development projects, including flyovers.Read more

23 Jan 2025

The Bangalore Development Authority (BDA) is facing a significant financial challenge, as property owners in the Arkavathi and Nadaprabhu Kempegowda layouts owe a total of INR 3,503.64 crores in unpaid development charges. Despite benefiting from infrastructure development in these areas, many owners have not paid the charges, which are essential for maintaining services such as roads and drainage. The BDA is seeking to recover the dues through legal measures. In addition, unauthorized constructions have compounded the issue, leading the BDA to issue notices to property owners to regularise their assets by paying the charges.Read more

23 Jan 2025

Sanofi Healthcare India, a subsidiary of the global healthcare giant Sanofi, has secured a lease for 270,000 sq ft of office space in Hitech City, Hyderabad. The lease, which began on January 1, covers six floors of the RMZ Spire-Tower 110. The agreement, registered earlier this month, includes a monthly rent of INR 75 per sq ft, amounting to INR 2.05 crore. The healthcare company has also paid a security deposit of INR 15.3 crore and committed to a five-year lock-in tenure with a provision for a 15% rent increase after three years.Read more

23 Jan 2025

BBMP is set to auction properties with large tax arrears after multiple warnings. A property in the East Zone will go under the hammer on February 5, while two properties in the Dasarahalli Zone and one in Bommanahalli will be auctioned on February 6. The auction comes after property owners failed to clear their dues despite receiving showcause notices. The tax arrears range from INR 11 lakh to INR 1.8 crore. BBMP is proceeding with the auction under Section 156 of the BBMP Act 2020 and plans to issue over 500 notices in the coming weeks.Read more

23 Jan 2025

Can Fin Homes (CFHL) achieved a 5.99% rise in its consolidated net profit for Q3 FY25, reaching INR 212.12 crore compared to INR 200.13 crore in the same quarter last fiscal. The company's total operational income grew by 9.34% to INR 986.14 crore. Its loan portfolio expanded by 9% to INR 37,155 crore, with 77% allocated to housing loans. However, disbursements saw a sequential dip due to registration issues in Karnataka linked to the e-khata system. The board declared an interim dividend of INR 6 per share. Key financial indicators, including a robust CRAR of 24.67% and a low gross NPA of 0.92%, reflect the company's strong financial health.Read more